August 22 2014 Latest news:
Wednesday, March 28, 2012
Two Stevenage video game stores have shut after the parent company went into administration.
Both Game and Gamestation on Queensway owned by Game Group closed on Monday with the loss of 14 jobs.
The closures are part of a cull of 277 of the troubled gaming specialist’s 609 UK stores. The group made a loss of nearly £18m in the year to January,
A third Game store in the town at The Forum remains open as administrators PricewaterhouseCoopers search for a buyer.
Mike Jervis, partner at PwC, said the group has faced serious cash flow and profit issues and has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.
“Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable,” he said.